Boosting Electronic Transactions in India. Contribute now

          Government of India has placed draft proposals for facilitating electronic transactions in India in public domain.

          The draft has a caveat: (The Proposals placed below are only at the draft stage and are being placed here to obtain public opinion. The proposals as they stand at this stage, do not imply any commitment from the government)

          Comments/suggestions are invited on the draft text which can be accessed through http://mygov.nic.in(External Website that opens in a new window) Portal. The last date to share your views is 29 June, 2015 by 5:00 p.m.

          The comments/suggestions have been flowing non-stop in the last couple of days. It may be observed that fellow Indians are providing their comments even during the night time. This indicates the high level of interest amongst Indians for Safe eTransactions.

          Goal of this Policy: - Provide necessary incentives from government for migration from Cash/Cheque transactions to eTransactions.

 Way Forward: - Inputs have been sought from wide-ranging experts/stake-holders i.e which includes RBI,NPCI, NIBM, public and private sector banks, card service providers, mobile service providers, research institutions, organizations working in this area and various government departments.

A beginning has been made and in the coming months the detailed guidelines will be rolled out.

Be part of the thought process by providing your comments/suggestions.  

A large number of comments/suggestions will enable the decision makers to make the best choices. 

2015 – 10 Trends to look out in Safe eTransactions

            In another couple of days, 2014 will move out of our lives, and 2015 will enter our lives.

            The following are the Trends which will dominate Safe eTransactions in India.

Rising Trends

01) Cash Transactions will continue to grow. The channel mode will shift from ATMs to Branch Banking channel

02)eWallets will see a spike. The trend will be on Semi-Closed eWallets and Open eWallets

03)IMPS (Instant Mobile Payment Services) will witness  far-reaching transactions jump

04) Biometric Authentication services will witness new transaction modes being added

05)eTransactions frauds. The law enforcement agencies/customers/banks will be baffled with new strains of eTransactions frauds

06)The rise of Chota ATMs

07)NACH (National Automated Clearing House) will see new corporates as Participants

Declining Trends

01) The average number of ATM financial transactions will fall as the customers try out alternate payment channels

02) ECS (Electronic Clearing Services) volumes  will reduce rapidly by 3^rd quarter

03)Physical cheques volumes will see a fall as bank branches too prefer eTransactions